Anybody have info, or any update on possible extension of the Mortgage Debt Forgiveness Act?

I have not been able to find anything about the status of this bill which was said to have been stalled in committee prior to the holiday break. Does anyone have a current status update?

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Permalink Reply by Holly B. Long on January 27, 2014 at 4:31am

I am sending out an email to all agents I am working on short sales with --advising them that as of today the MDRA has not been extended and advising that homeowners who started their short sales in 2013 (or before) speak with their tax advisor or attorney to see if they qualify for other types of protection from "forgiven debt" that is now taxable or what their tax consequences will be if they close a short sale. I also advised that they share this information with any new short sale listings for 2014 unless the MDRA is extended.

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